Feb 20, 2013
Mortgage banker CEO praises (!) CFPB
20 Feb 2013
Posted by Andrew Kantor
Mortgage bankers aren’t exactly the most regulation-friendly group around, so when the CEO of the Mortgage Bankers Association (that’d be David Stevens) has good things to say about a government agency that’s creating new regs, it’s worth noting.
In this case, Stevens told the MBA’s membership that, while he thinks many regulators are hindering progress, the Consumer Financial Protection Bureau is one doing policy right.
Why? Because it listened to the mortgage industry before it created its rules — most notably the recent qualified mortgage (QM) regulations and the national mortgage-servicing guidelines.
That doesn’t mean Stevens loves everything that CFPB does, but the agency earned his praise for at least taking his group into account.
“The [servicing] rule was done pretty well,” he said “It’s a recognition that the CFPB really listens and they got a lot right.”